Vietnam’s Financial System about to COLLAPSE?! (GIANT FRAUD!)

Is Vietnam's Financial System about to COLLAPSE?! It well can be with a $44 BILLION FRAUD! In this video, Attorney Ken Duong takes you through the twists and turns of a financial debacle with the potential to eclipse Vietnam’s GDP as of late 2023, as he is dissecting a behemoth of a scandal that’s rattling Vietnam's Economy to its core. From the depths of Vietnam's Real Estate sector to the pinnacles of banking institutions, no stone is left unturned. Could this be Vietnam's own Bernie Madoff moment? We are also covering the arrests of the Van Thinh Phat Group and several government officials. From obtaining a Vietnam Passport to investing in Vietnam's Real Estate market, we will let you know whether you should still move and invest in Vietnam.
00:00 Timeline of Vietnam’s Financial System Fraud: $44 BILLION
03:31 Incomplete Real Estate in Vietnam
04:46 Not listed on Vietnam's Stock Market
05:16 One of The Big Bank in Vietnam GOT INVOLVED
05:39 Series of Arrests and Ghost Companies
07:40 The largest Fraud Scheme EXPLAINED
08:07 Manipulations & Tampering with Government Officials
09:21 Trying to destroy the evidence?
09:52 Consequences of Financial Collapse: Vietnam's GDP EVAPORATED
10:39 Similarities with Bernie Madoff's case
11:52 Attorney Ken Duong's opinion
13:51 The LARGEST BANKING FRAUD
14:19 What Should You Do? Still Invest in Vietnam?
14:36 Do Not Open a Business in Vietnam Out of Thin Air!
14:58 Vietnam Passport
15:19 Do Not Play chess game Blindfolded
15:46 Unvetted partner
16:05 Jungle of business in Vietnam
16:28 Vietnam's economy prediction
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[@richellebudarick8234]

Finally a video actually explaining this story, thank you.

[@nganguyen-id7pp]

Don’t trust any banks

[@willhatfield6228]

I sincerely hope all those that lost money will be ok, especially those that don't have much. I love Vietnam and its people.

[@chinaboss6683]

Vietnam dont love you. Go away.

[@phuonganhpham6572]

những người dân gửi tiết kiệm không mất tiền bạn nhé.chỉ những người mua cổ phiếu mới mất.vì họ tham lãi suất cao.

[@caohoangyen2371]

​@@phuonganhpham6572bank hết tiền để trả ngân hàng nhà nước bảo lãnh trả tiền thì lấy tiền đâu ra để trả in thêm hay lấy từ tiền thuế?

[@seymorefact4333]

🤣😂 Vietnam Ponzi economy doesn't compare to the USA PONZI economy since 1950!

[@mihbag6]

Normal saving is secure only investment in that bank has problems

[@endlessdeath4066]

It all boil down to one word. GREED. It has blinded her senses and everyone related to this scandal. Who would argue with money. The more the better. It was never enough for her.

[@holidaygiftmall2517]

Thank you for providing this interesting story taking place in Vietnam. Please keep us up to date as this fraud unfolds. Great information as always Ken! 👍

[@TamTran-hy8dj]

That is what happens when you have corruption, government

[@TranNguyen-mg9qq]

How about America .. they have clean goverment ?!

[@judithgrace9850]

LoL ​@@TranNguyen-mg9qq

[@Jonathan-vv4qq]

@@TranNguyen-mg9qq haha. Good comeback

[@marianotorrespico2975]

--- SORRY, BUT THIS IS A CASE OF PRIVATE BUSINESS ENTERPRISE CORRUPTION . . . a capitalist businesswoman placed her Self above the commoweal of a society that just happens to be a Communist society.

[@simonstocktrader3196]

@@TranNguyen-mg9qq it's girl scouts compared to usa...

[@parttimethinker7611]

Unfortunately it’s a moral issue that’s more common in developing countries. Even the U.S. still have bank run left and right, Silicon Valley bank for example. However, over time, Vietnam regulators will be able to do better job, just like the U.S. banking regulators. When a country opens up for foreign investors, some of them will fail because of the inherent risks of doing businesses (anywhere). Vietnam is a great investment market opportunities if not the best. Thanks Ken for bringing up transparency on ground for us all.

[@steves.9440]

Before this informative video, my wife (Vietnamese) mentioned this caper to me from her channel that she subscribes to. Now it is crystal clear to me, thanks to you, Duong. I will be looking forward to continued updates here. Keep us posted.

[@phuongha3113]

Moral of the story: Do not put all your money into Vietnamese banks. It might not be there the next day.

[@sharkdzung]

U.S banks r pretty much the same. Anway, do not put yur money into banks.

[@jamesb.492]

Buy Bitcoin and keep it in your own wallet.

[@theyhateme8763]

ya bitcoin has been scammed worse@@jamesb.492

[@theyhateme8763]

sure champ@@sharkdzung

[@theyhateme8763]

i do very well in the banks here

[@maximumyou1325]

Clear and straighforward. Thank you for sharing these insights Anh 🙏

[@margueriteobrien8833]

Wow , that’s excellent reporting ! Can’t wait to see whats next😱😱🙃

[@jcatl]

Another great report!

[@NclasX]

Bad/sad news but I still believe in Vietnam potential and his tourism sector.

[@christinaing8239]

Enjoy understanding the story banking in Vietnam. Please make more of this videos. Thank you

[@ishakshamsudin8585]

When money talks every one sleeps.Sounds greed.

[@RiceGolden]

Great content Ken.

[@hoodhunter3262]

The story cannot be told by Hollywood producer. It can only be told by Ken Duong himself

[@ben_castle]

Great information. Thanks for sharing.

[@claudecahen6780]

Classic! The way they embezzled their customers is not well described though….No doubt though that some money went back to the US and bought some nice real estate in Orang county. We have seen that in earlier times. And as Ken said : This is just the tip of the iceberg….. I wouldn’t be surprised if several high ranked politicians are involved. Some people are going to end in front of a fire squad….That’s the Vietnamese way. Well done Ken.

[@anhtomfrombentre3954]

Very good to know. Thank you for bring this to our attention.

[@rosetzu_nagasawa]

this type of FRAUD is the norm in USA. They used "foundations", Off shore companies, trust, etc to own shares of a bank, but its the same play. If you want to learn the MOST corrupt practises, join a Private Bank in USA. The world's best crooks.

[@turningpointaustralia9531]

Duong is the best youtuber out of Asia ..................... Thank you mate

[@duongglobalbusinessconsulting]

Wow, thanks

[@denisriel5015]

Great great great job ,,Ken

[@dawidkuzniar714]

Good video, thank you for sharing!

[@demiro2984]

Greed is too lightly a word to describe Lan. She is lavishly savage with unlimited thirst for money. Now, she's found guilty, and so with her minions, and sentenced to death. A painful lesson for Vietnam to put a more stringent banking regulations. How to fight conspiracy is the key. Thanks to your fully informative video😅

[@user-eb7ee8su3o]

Hi Ken, enjoy watching your video's. You have alot of good knowledge. Keep up with the excellent work.

[@juliogonzales8624]

Thank you for the great information.

[@quang-trandao4084]

Very informative. Thank you very much

[@quocdanvn]

Finally this is the time to come. Unavoidable for such a corruption, uneducation leadership.

[@aubreyj.tennant1123]

Agreed ! I love vietnam & the Vietnamese people. Unfortunately, at the core of the countries economic organizing principals is coercive control. The roots are in communism. Corruption is an absolute eventuality. IMO.

[@josupi6454]

First timer here. Excellent channel!👍

[@duongglobalbusinessconsulting]

Thanks and welcome

[@huyenthanh8942]

You are very good for informations to leak out. Thank you.

[@tony-thefiglovinstargazer]

Very informative brother, thank you!

[@mujigikabugi3927]

Who's here after the death penalty of ms Lan

[@dct3588]

Even banks can't be trusted. Thus do not put all your money into one bucket.

[@MrPeuss]

Very interesting video and well explained

[@solarshieldgaming7932]

Thank you for the information and explain the banking sytem of Vietnam.

[@verenalai7668]

I ❤ your presentation. It's v clear!

[@JohnDoeses]

Please make more videos on this story. Super interesting. What do you think will be cause and effect outcome of this for the people of vietnam

[@blipblop92]

Govt will print money to refund to the bank customers 😊

[@elauber]

Ken a nice follow-up video would focus on efforts to recoup the lost funds and how successful those efforts are.

[@user-ww6ue2nw6k]

Thats right they were not rich they stole from people to act like they rich how pathetic. 😢😢

[@mrbHanoi]

1000s have known about this for 5 to 10 years Conspiracy of silence. Dispicable. Hell awaits.

[@partsandlaborgroup]

Simply WOW!

[@daisyspencer6040]

Greediness will lead you to all sorts of trouble.

[@RitaRevenaugh-bh5ie]

Good advise

[@boonsuanteck4684]

A great message here. Keep it going, Ken!

[@Tideo123]

In Vietnam there is a saying: Money can't buy everything but with lots of money you can buy anything. The whole scandal is rooted from the theme of money power. With lots of money it was used to buy government power to control the country financial economy through banking system and commercial complex. Once the system was established, money kept multiplying year after year non-stop. The scandal was working, thriving as long as the economy was growing until the economy coming to a halts, then it stopped working.

[@user-hn8xy1gq7e]

Watching from the Philippines

[@johnle7667]

Thank you for telling the truth news

[@nathan500100]

this thing broke a year ago but everyone in vietnam still behaving very rich

[@tydang3582]

Thanks Ken. SUB

[@quynhg4074]

Thanks Mr. Duong!

[@quynhg4074]

Mr Dương, if you can some how get a tell all book from these goons or Truong My Lan herself, hire a terrific crime writer, and make into a tv series, it’s worth watching. Guarantee the best rating since Ván Bài Lật Ngửa .

[@yongxing1848]

I love vietnam still

[@yongxing1848]

I hire some Vietnamese staff before, they always say "We Are All Vietnamese", thinking that I cheat on them, even though I pay on time. Maybe they will feel life is more ACCEPTABLE when their life savings is being cheated by another vietnamese :) I STILL LOVE VIETNAM

[@007thematrix007]

fastened my seatbelts earlier in the vid., ... you were right, def. got bumpy!

[@NWONG-qk2lt]

Another version to the Story of Jo Lou in Malaysia. Good reporting 👍🙏

[@user-nt8ib4hf1w]

Born in China 4 th generation of Chinese migrant into Vietnam after Vietnam war 😮

[@vinhtruongphucat]

Video có giá trị. Anh Ken làm video tiếng Việt để nhiều người Việt xem. Thank you.

[@davidboskett5581]

Its hard to understand why someone needs to make so much money . I think it becomes an addiction and because you need to continually pay off people you cannot stop even if you wanted to.

[@miketrieu4229]

greed knows no limit. should have taken the money and run. money corrupts absolute.

[@palirvin1871]

Having been someone who lived in Vietnam and also was ripped off by the corrupt government and people, I'm enjoying this story a bit too much. LOL. The whole country business environment is a snake pit.

[@monalisaaltenburg4879]

Now ppl can understand why none of Southeast Asia countries can overtake Singapore as the leading financial powerhouse & richest country in asia. Simply put, Singapore started out with vy strong foundation with clean ethical leaderships who only have interests to serve for the ppl & the country. Singapore has set the standard bar very high & it’s a rare trait that not many countries can copycat or emulate from. 🇸🇬🇸🇬🇸🇬 Most politicians in the world are corrupted & only have the goals to make more $$ for themselves & not for the country.

[@IAm-NotHear]

Award winning report. Chuc mung!

[@ycamara9034]

Greed 😡

[@gnyx1566]

Very good video. Mr Ken Duong is a good presenter with clear informative delivery. For his film idea I would suggest looking at 'The Big Short' and 'Margin Call' films that somehow present complex dry financial scam stories in a compelling and entertaining style that engages an audience not familiar with the technicalities of the financial world. Sounds like, according to Ken, The woman was a front for someone working behind the scenes and it's curious and a shame that this kind of financial malfeasance could happen in Vietnam.

[@OPTesla]

Damn it’s about to get crazy

[@4klense]

44 billion dollars is about 10% of Vietnam GDP

[@duongglobalbusinessconsulting]

It is 23% of Vietnam's GDP for the first three quarters of 2023. We cannot say what we do not know yet, as the fourth quarter has not been accounted for and we are still in it. Hope it helps.

[@rodpettet2819]

I'm sad for the Vietnamese people who will suffer because of this massive fraud. I hope it doesn't spread to other SE Asian countries.

[@faustinae3927]

Sounds like a larger country could be involved, in order to stop companies from entering Vietnam. Sounds familiar 👍❤️🌹🤷‍♀️. Awesome reporting

[@Star1957able]

Interesting video-well done. However it is so disheartening to see how a few people can almost ruin an entire economy

[@AuralioCabal-nl8gi]

How much bet this Scandal and Debacle becomes a movie, question , a Hollywood or Hong Kong or Vietnam Movie?

[@dtang3288]

This Vietnamese scandal make the Malaysian 1MDB scandal a child's play.

[@okinawapunter]

About 10 times bigger than Malaysia's 1MDB scandal. Moreover, this is a typical incident in Vietnam's property developers and banks. So, similar cases could be exposed anytime.

[@evalee7768]

I don’t understand if she is owner ! Why can’t she take all the profits?

[@alcaseyreacher8473]

I cant help but to think Jho Low of 1MDB's scandal might be someone behind the couple

[@georgecarlin2879]

Isn't it possible to open a bank acct with say, a UOB of Singapore branch in Saigon? It would be much more secure, imho.

[@elto888]

Well covered, am sure the real value is much larger as the investigation uncovers.

[@crackeds]

So now after the long story short. Can ee appoint our blogger to get into one of the banks and apply a stake? Humble beginning stake?

[@okinawapunter]

Most of embezzled money went to Credit Suisse account of Le Thanh Hai.

[@leonardwashington7573]

Those that are guilty should be put away in jail

[@titikati]

It must be a joke.

[@blipblop92]

She goes to jail and then what? People aint getting their money back.

[@falconalley7228]

Usually financial undertaking of this magnitude in Vietnam are not stand alone, family, corporate or conglomerate similar to those in other southeast Asian countries. For this to happen, it is possible the connections can go all the way to the highest government officials and don’t forget the generals as well.

[@SY-jq4yw]

Worse than Vietnam war.

[@empiremack]

During the Vietnam war the US made 58+k times more money and in soldiers lives than these fraudsters.

[@hiendinh4869]

Don’t ever do business with Vietnam!

[@aubreyj.tennant1123]

Until they adopt a democratic gov!

[@dingdongchingchong8659]

Doesn't matter what system. Human corruption is human corruption. If you pull off the face of democracy, e.g. Biden, you will be very surprised.

[@DLong-wp8su]

Thanks for sharing. There are must be a lot of people getting involve. As I understand, her husband is the foreigner and she probably also. I am shock the government not keep an eye on them and allow to run the bank.

[@minhtuyet5906]

Cô ấy là người Việt gốc Hoa, tức là hiện tại cô ta vẫn đang mang quốc tịch Việt Nam bạn ơi.

[@aubreyj.tennant1123]

It’s a communist country. They’ve probably already spent their take. lol.

[@hada7552]

Vietnam doesn’t disappoint and goes big. Sucks for the victims

[@fredchow]

Tip of the iceberg in the world during this period of time.

[@user-vp6vf8wm2s]

She is just a flower 🌹💐💐🌹 for distraction, the real person or persons, may a group are disappear in front of your eyes

[@peaceleader7315]

Money system have no place within our socialism_communism economic system.. hmmmm 😡..

[@erictheviking9917]

Power and Greed.

[@LalallaSN]

A bank only currency is trust…guess that is not happening

[@dirkgoldman1155]

Hey Ken, great video. Are you writing your own scripts, or are you more or less talking freely? I think you have a good way to communicate complex topics.

[@aubreyj.tennant1123]

Great presentation as usual Ken! 👍💪 Your transparency is refreshing and important during these trying times in Vietnam. I love Vietnam & the Vietnamese people. Unfortunately, at the core of the countries economic organizing principles is coercive control. The roots are in communism. To be fair it’s in capitalism too. Corruption is an absolute eventuality. IMO. Thanks again 👍

[@georgewin7243]

that means, she must be so intelligent for being able to pull it through

[@joshuanguyen7941]

I can direct it, Ken. 😂

[@jamesdond1]

If Vietnam carries out this sentence international investment will disappear...

[@hunggiang1475]

I don’t think that a deterrence, look up their human right and political oppression issue.

[@ddsmiles6382]

This was along my line of thinking. I honestly felt they were caught up the nair and someone was casting the bait. They fell hard for the bait. Sad situation all the way around. Thank you for the video. It was filled with fresh intelligent ideas. Well done.

[@Impericallyfrozen]

When the bank run at the SCB happenes in the adapted biopic movie "Take the money and run while sleeeeeepinng" - by Tamer needs to play. You just cut to her being taken in while Vietnamese ppl fight for their money.

[@johnle7667]

Thank you for telling the truth news Please keep up with your good work

[@gurusastropalmistry2214]

There could be an external hand in this scam. Vietnam is a fast growing manuf export economy. The country that feels most uncomfortable with this spectacular growth certainly would have rigged or played this game by using their pawns. Sad and debilitating for growth of this asian tiger

[@serchsource8744]

"PAWN SHOP FINANCIAL SYSTEM" , Jack Ma et.

[@user-ed2ic6ox2g]

This is the reason why I only keep cash underneath my bed. No bank is needed. 😂

[@jacknguyen5677]

Yeah, it could get burns.

[@dingdongchingchong8659]

Like how people are being burnt by the banks?

[@davidboskett5581]

Unfortunately money loses its value year by year unless you do something with it

[@user-ww6ue2nw6k]

Better carry in my pocket every time. 😂

[@dingdongchingchong8659]

@@jacknguyen5677 After 50 years. Not even burnt. But money I put in bank got liquidated. I didn't lose much though.

[@HippiePajon]

She's a genius. Insane, and very smart. (But not good)

[@dingdongchingchong8659]

No she isn't. She got caught. There are still smarter ones out there who haven't got caught at all.

[@user-of6bz8sj7q]

As American married in Ho Chi Minh City ? I wonder if home prices will go down.